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Jason Diperstein
"Mortgage Banking Professional"
- 10 Helpful Answers
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Jason Diperstein oversees the Qualification Department for his bank branch. These responsibilities include maintaining industry best-practices in training
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"As an owner of various homes since 1986 and a real estate sales licensee for the past 15 years, I have a fair share of experience in this industry and,
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Jason Diperstein answered:
Hello Buyer,
This questions is all about liquidity. There are a couple of questions you need to ask yourself, some of which Sean mentioned below:
1) How much pressure does a 15-yr payment put on your monthly finances?
2) You mentioned staying in the property for five or ten years, but that's a big gap. If you're leaning toward five then the ARM makes a lot of sense. Even if you need an extra year in the house before selling you'll only have one adjustment, and the LIBOR is traditionally stable.
3) I'm not so sure I like the 15-yr. either for the same reason as Sean.
Ultimately, you need to consider your monthly liquidity first. Far too many borrowers get so wrapped up in rate that they forget the strain they can put on themselves by becoming cash-poor. Personally, I would take the ARM PROVIDED you plan on being there for five or six years (not ten). I'd also skip the 15-yr., there's no reason to kill yourself with payments when you're going to sell eventually anyway. Let us know what you decide! One last thing, make sure you take a look at all three GFEs, some lenders tack on extra points with ARMs to make the rate more attractive.
Kind regards,
Jason Diperstein
E Mortgage Management
800-793-9633 x156
jdiperstein@emmloans.com
This questions is all about liquidity. There are a couple of questions you need to ask yourself, some of which Sean mentioned below:
1) How much pressure does a 15-yr payment put on your monthly finances?
2) You mentioned staying in the property for five or ten years, but that's a big gap. If you're leaning toward five then the ARM makes a lot of sense. Even if you need an extra year in the house before selling you'll only have one adjustment, and the LIBOR is traditionally stable.
3) I'm not so sure I like the 15-yr. either for the same reason as Sean.
Ultimately, you need to consider your monthly liquidity first. Far too many borrowers get so wrapped up in rate that they forget the strain they can put on themselves by becoming cash-poor. Personally, I would take the ARM PROVIDED you plan on being there for five or six years (not ten). I'd also skip the 15-yr., there's no reason to kill yourself with payments when you're going to sell eventually anyway. Let us know what you decide! One last thing, make sure you take a look at all three GFEs, some lenders tack on extra points with ARMs to make the rate more attractive.
Kind regards,
Jason Diperstein
E Mortgage Management
800-793-9633 x156
jdiperstein@emmloans.com
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